Erin Energy's drilling operations expected to double

Source: Business Wire

Erin Energy Corporation (“Erin Energy” or the “Company”) (NYSE MKT:ERN) (JSE:ERN) provided an update today on its drilling operations that are expected to double production for the Company, as well as updated its plans for drilling one of its prime exploration prospects.

Pacific Bora (Photo: Business Wire)

Erin Energy Corporation's drilling operations are expected to double production for the Company, with plans to drill one of its prime exploration prospects.

Erin Energy currently produces approximately 6,000 barrels of oil per day (BOPD). Drilling operations for the Oyo-9 development well are planned to commence next month and be completed by year end, pursuant to the drilling contract with Pacific Drilling. Oyo-9 has the potential to increase Oyo field production by 6,000-7,000 barrels of oil per day, which alone would double the Company’s current production. Coincidental with the completion of Oyo-9, the Company will also tie back to its FPSO the Oyo-7 well, which should add approximately 1,200 BOPD. The Company is also discussing a possible extension to the contract with Pacific Drilling, depending on availability of funds, to drill one or two wells in the prolific Miocene geological zone located in OML 120.

The drilling rig under contract with Pacific Drilling is the Pacific Bora, a highly efficient sixth generation double-hulled drillship.

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